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Then they also need to comply with the KYC and reporting requirements placed on traditional financial institutions/services, which exist for a reason.
by bonzini 5y ago
Then they also need to comply with the KYC and reporting requirements placed on traditional financial institutions/services, which exist for a reason.
- deleted 5y ago[deleted]
- int_19h 5y agoOne could argue that at least some of those requirements in effect (if not by design) protect the established position of traditional centralized finance, and prevent decentralization, allowing the existing blend of concentrated political and economic power to maintain its stronghold on society at large. So, for those who believe in decentralization, the reason may not be a valid justification. Of course, at that point, one also shouldn't be surprised that pushing back against centralization is criminalized by those who benefit from it. But even so, they don't need to comply - they can accept that what they're doing is illegal, but continue doing it because it's morally right.